Rare coins fetch over Rs.400,000

Ahmedabad, March 16 (IANS) Rare coins dating back to the Kushana period (2-4th century AD) went under the hammer for Rs.421,000 (over $10,000) at an auction here. The collection went to Sandeep Jain of Kolkata. Numismatists from across the country had gathered for the rare sale held by Todywalla Auctions and the Gujarat Coins Society Saturday evening.

It was a paradise for coin collectors. There were coins of medieval India, Indian sultanates, Mughal era, independent kingdoms, East India Company as well as Bengal, Bombay and Madras presidencies.

There were also foreign coins, tokens, medals and bank notes.

With people shouting excitedly and waving numbered placards to register their bids, around 55 coin enthusiasts were seen vying to lay their hands on the coins of their choice.

Almost all the coins were sold above the estimated price. The Kushana coin collection, which fetched the highest at Rs.421,000, had an estimated price of Rs.260,000.

A total of 127 items of the 158 were auctioned. Only 33 were left unsold.

Farokh S. Todywalla, proprietor of Todywalla Auctions, told IANS that he had expected many more people from Ahmedabad at the auction. He added that the presence of many old players was encouraging.

Asked if these artefacts could be sold abroad for a fortune, Todywalla said that any coin or artefact over 100-years-old could not be taken out of India without the permission of the Archaeological Survey of India (ASI).

Goga Jain of Delhi, another bidder, bought coins worth Rs.2.5 million. He has been collecting coins for 37 years and claims to have a collection of 450 gold and silver coins.

Coins of medieval India aroused keen interest among bidders, especially those used during the rule of Mughal emperor Akbar and Jahangir.